VC funding more than doubled in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh Metro Line 2 extension is coming online in six years

Happy hump day, friends. The midweek point brings with it a meaty issue that builds on the theme of the month — looking back at the year that was, and looking ahead at the year that is just getting underway.

The big story of the day is about Saudi Arabia’s emergence as a leader among emerging venture markets, ranking second among EVMs in terms of funding raised in 2025. The top title went to Singapore last year, but Saudi’s jump in venture funding came despite a downturn in funding among EVMs.

PLUS- We have our views on what the year ahead holds for the Saudi economy, as well as news of the first entry of a Chinese operator into the LTOM program.

More details on the Riyadh Metro’s Line 2 expansion-

Commuters can expect the 8.4 km extension of Riyadh Metro’s Line 2 (Red Line) to come online in approximately six years, cutting travel time between King Fahd Sports City Station and central Diriyah to under 40 minutes, state news agency SPA reported yesterday.

The expansion will add five new stations to the metro. The three Diriyah stations — East, Central, and South Diriyah — will give access to Al Turaif and Al Bujairi districts as well as the Opera House, while the two King Saud University (KSU) stations will serve the Medical City, health colleges, and the main campus. The extension will stretch from the current Line 2 terminus at KSU and feature an interchange with the upcoming Line 7 at Diriyah Central.

Check your maps for reroutes: Traffic diversion plans have already been put in place for the KSU and Diriyah areas to manage the workflow on the 7.1 km of underground tunnels and 1.3 km of elevated tracks.

Watch this space

BANKING — CI Capital bullish on UAE banks, remains selective on Saudi: Saudi Arabia’s banks are grappling with shrinking liquidity, scaled-back projects, and fiscal deficits, while also seeing most of their stocks drop toward historic valuation lows, according to a CI Capital report picked up by Zawya. Meanwhile, UAE banks face an “upbeat” mid-term outlook, driven by solid fundamentals and a favorable macro environment. Despite these headwinds, CI Capital remains long-term positive on the Kingdom, with Saudi lenders occupying six of the top seven spots on CI Capital’s GCC scorecard.

The scorecard: Abu Dhabi Commercial Bank takes the regional top spot for its growth profile, while Emirates NBD replaces First Abu Dhabi Bank due to margin tailwinds from its Turkish operations. Saudi National Bank remains the firm’s “top fundamental pick” in MENA, joined by Al Rajhi Bank, which stands to benefit from the removal of foreign ownership limits on the Tadawul exchange. Saudi Awwal Bank and Kuwait’s NBK also made the top-tier cut.

FX — The USD is on track for another year of weakness in 2026, as political pressure on the US Federal Reserve and internal policy splits cloud the greenback’s outlook, according to a recent Emirates NBD research note. For the Kingdom, whose currency is pegged to the USD, this shift is more than just a theoretical FX move; it is a tailwind for non-oil diversification that offsets the sting of more expensive European imports.

A weaker USD in 2026 presents a strategic trade-off for Saudi Arabia and its Gulf neighbors. While it inevitably fuels imported inflation by driving up the cost of goods from Europe and Asia, it acts as a powerful competitive tailwind for the non-oil sector. By proxy, the currency peg makes regional services cheaper and more competitive for global buyers.

Unlocking liquidity: Regional central banks are expected to mirror a projected 75 bps of Fed rate cuts in 2026. This easing is anticipated to stimulate domestic demand by freeing up corporate capital for CAPEX and investment that was previously sidelined by high borrowing costs. The region’s solid credit standing is likely to buffer against potential US Treasury volatility, keeping borrowing costs stable and fueling non-oil economic expansion.

OIL — Aramco is rolling out 98-octane gasoline at SAR 2.88 a liter, Saudi Gazette reports. The rollout will initially target what could be called the Kingdom’s wealth corridor — Riyadh, Jeddah, and the Dammam metropolitan area — where high-performance vehicles roam the streets. Expansion elsewhere is explicitly demand-led, with Aramco saying it will watch consumption patterns before scaling.

ENTERTAINMENT — PIF-owned Saudi Entertainment Ventures (Seven) is paring back its investment plans, scaling down its entertainment destinations to 14 from the previously planned 21, according to its website. The destinations — which were scheduled for delivery by 2028 across 13 cities — include 19 entertainment zones across the country, including in Riyadh, Makkah, Taif, Dammam, Madinah, Yanbu, and others. No further details were provided and company officials did not respond to EnterpriseAM’s request for comment by dispatch.

The company will inaugurate five destinations out of the 14 this year, Saudi Gazette reported, citing Chairman Abdullah Al Dawood as saying in a televised interview.

BACKGROUND- In November 2022, Seven committed a SAR 50 bn investment to build 21 entertainment destinations in 14 cities and inked several partnerships with global entertainment brands.

Data point

41% — that’s the GCC’s share of global USD-denominated sukuk outstanding, keeping the region at the center of Islamic debt markets, according to a Fitch Ratings report seen by EnterpriseAM. Saudi Arabia accounts for roughly 30% of the total, while the UAE accounts for 7%, with issuance largely funding sovereign budgets, infrastructure projects, and bank balance-sheet growth.

The broader trend: Sukuk are taking a growing share of emerging-market debt. Their slice of USD-denominated EM bond issuance (excluding China) rose to around 16% in 2025, up from 12% in 2024, as sovereigns, banks, and corporates turn to sukuk for refinancing, longer tenors, ESG-linked agreements, and project finance.

Zooming out: Global sukuk issuance topped USD 300 bn in 2025, up about 25% y-o-y, pushing outstanding sukuk past USD 1 tn for the first time. Most new issuance remained investment-grade, underscoring sukuk’s shift from a niche instrument to a core funding channel.

Sports

Spanish defender Pablo Mari joined Al Hilal from Italian side Fiorentina on a six-month contract, with an option to extend for an additional year, the club said in a statement on Sunday. The contract brings the 32-year-old to the club as its first signing of the winter transfer window, Al Arabiya reports.

Barcelona lifted the Spanish Super Cup in Jeddah on Sunday night, with Brazilian winger Raphinha scoring twice to secure a 3-2 victory over Real Madrid, Asharq Al Awsat reports. This is Barcelona’s second consecutive Super Cup triumph, extending their record to 16 titles, three more than Real Madrid, who remain second with 13 titles.

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The big story abroad

The escalation of US President Donald Trump’s fight against US Federal Reserve Chair Jerome Powell via a criminal probe has drawn pushback from Republican senators as well as former Central Bank governors, as the move threatens to backfire and lead to wider support of the Fed chair. Senator Thom Tillis, a Republican on the Banking Committee, which vets Fed nominees, vowed to oppose any Trump nominees to the Fed until the matter is resolved, while several other senators have spoken out against threats to the Fed’s independence.

Some analysts have also said the move will likely push Powell to stay on the Board of Governors, where his term ends in 2028, in defiance and in order to protect the Fed’s independence.

Meanwhile, former Fed Chairs Janet Yellen, Ben Bernanke and Alan Greenspan wrote a statement denouncing the move, saying:” This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly.”

Even US Treasury Secretary ‍Scott Bessent told Trump on Sunday that the investigation “made a mess” and could be bad for financial markets, Axios reported on Monday, citing two sources.

Markets have so far shrugged off the drama, with Wall Street notching record highs, while yields on US 10-year notes and gold prices surged before steadying slightly, and the USD fell.

^^The must-read on the topic: Trump administration probe of Fed’s Powell sparks pushback

If that wasn’t enough drama for Trump, he has also threatened credit card issuers that charge high interest rates, calling for a 10% cap, and threatened a 25% tariff on countries that “do business” with Iran. White House Press Secretary Karoline Leavitt has also said the US is “unafraid to use military force” with Iran, echoing statements made against Greenland earlier last week.

Meanwhile, other business headlines getting attention:

Paramount Skydance has now sued Warner Bros for more information on Netflix’s takeover bid after Warner Bros’ board rejected its Gulf-backed bid last week. (Reuters)
Apple will use Google’s Gemini for its revamped Siri in a major vote of confidence for Google in the ongoing AI race. The agreement prompted a 1% rise in Google owner Alphabet, pushing its market cap past the USD 4 tn mark. (Bloomberg)

Saudi Arabia’s VC market stood out among EVMs in 2025

Saudi Arabia earned its title as a global outlier among emerging venture markets (EVM) in 2025, securing the second-highest VC funding among EVMs during the year, according to Mangitt’s annual report. Saudi Arabia secured USD 1.72 bn across 257 transactions, marking a 145% y-o-y rise in value. That’s second only to Singapore, which secured USD 3.09 bn during the year.

Overall, EVMs saw a 12% y-o-y drop in transaction activity — the lowest in seven years — amid a 29% decline in Southeast Asia and a 15% fall in Africa.

The growth in Saudi Arabia was driven by strong local VC participation and rising international interest, with foreign VC involvement up 61% y-o-y, according to a separate press release (pdf). Non-MENA investors made up a record 34% of all backers in 2025, up from 20% in 2021, underwriting commercial risk and leading rounds. Meanwhile, the technology investment firm STV came in fourth globally among VC investors in EMVs by capital deployed, with USD 98 mn invested across 15 transactions.

The local market began shifting towards deeper maturity in 2025

Saudi Arabia’s VC market is pivoting more towards M&A amid an emergence of scale-ups, fueling exits and recycling talent and innovation, venture capitalist Ahmed Thukair previously told us. Meanwhile, IPOs are still not such a hot topic in Saudi Arabia due to stock market weakness, tighter valuation scrutiny, and a desire to avoid public market volatility.

Zooming out

The Middle East raised an all-time high of USD 3.4 bn in 2025 and was the only region among emerging venture markets to see an increase in transaction volume — which grew 13% to 581 transactions — surpassing Southeast Asia for the first time.

Saudi Arabia took the lead, securing USD 1.7 bn in investments, trailing only Singapore globally, which raised USD 3.1 bn. The region saw a record USD 1 bn in mega-transactions, supported by the return of late-stage liquidity, stronger diplomatic ties, and rising investor confidence. Overall, the MENA region raised USD 3.8 bn in VC funding.

This came down to both regional strength and weakness in Southeast Asia, where early-stage transactions fell 46% y-o-y to their lowest level in over a decade, Magnitt Research Department Manager Farah El Nahlawi told EnterpriseAM. Early-stage pipelines in the GCC stayed active due to domestic capital and government-backed programs, while late-stage liquidity returned through several very large rounds, El Nahlawi said. Events like Leap, FII, and Abu Dhabi Finance Week also helped attract investors and sustain momentum.

Where did the money go? The fintech sector took the regional lead in 2025, with funding reaching USD 1 bn. E-commerce came in second with USD 494 mn raised, followed by sports and fitness (USD 309 mn), telecommunications (USD 236 mn), and enterprise software (USD 184 mn). Meanwhile, MENA AI-related company funding jumped 204% y-o-y to USD 817 mn.

The region’s capital is becoming selective, with global VCs leading more rounds

MENA venture and broader private capital became more selective in 2025, with due diligence shifting from a focus on momentum to fundamentals, scale, and clear routes to liquidity, Magnitt CEO Philip Bahoshy said. On the M&A front, a recent rise in activity points to a more mature ecosystem and a desire to acquire tech capabilities rather than build them internally, TaylorWessing Partner Abdullah Mutwai said.

Global VCs began leading more rounds in the region, especially from series A onward, as risk is becoming clearer, El Nahlawi told us. Institutional investors gained confidence in enforcement, shareholder protections, and downside outcomes, particularly in the UAE and Saudi Arabia. Meanwhile, faster-scaling founders, stronger governance, and increasingly tangible exits reduced execution risk. That confidence was reinforced geopolitically by US President Donald Trump’s first visit to Saudi Arabia and the UAE, signaling long-term US commitment and stability.

What’s next

Looking ahead to 2026, Saudi Arabia is set to remain the Middle East’s most structurally supported VC market, with funding volumes rising alongside sustained transactional flow. Activity is expected to stay strong, underpinned by policy continuity, government-backed early-stage programs, and a well-established local investor base. On the funding front, the Kingdom is likely to continue attracting large Series A and growth rounds, with international investors already accounting for a record share of both participation and deployed capital.

Regionally, the Middle Eastern VC ecosystem is entering a more mature and competitive phase, where the focus shifts from capital availability to where it concentrates, how risk is priced, and whether liquidity pathways begin to open.

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NWC awards SAR 203 mn northern sewage plants contract to Chinese-led consortium

Chinese water utility outfit leads consortium to revamp sewage plants: A consortium led by China’s Jiangsu United Water Technology secured a long-term operations and maintenance (LTOM) contract to rehabilitate and operate nine sewage treatment plants in northern Saudi Arabia, Meed reported yesterday, citing unnamed sources. The SAR 203 mn (USD 54.1 mn) contract was awarded by the National Water Company (NWC) and covers the Northern Cluster Sewage Treatment Plants Package 10 (LTOM10). The consortium also includes the UAE-based Prosus Energy and Saudi Arabia’s Armada Holding.

About the plants: The contract covers sewage treatment facilities across Hail, Qassim, Al Jouf, and the Northern Borders provinces, with a combined treatment capacity of 337.8k cbm/d. It’s structured as a 15-year agreement, starting with a three-year rehabilitation and upgrade phase, followed by long-term operations and maintenance.

Who’s doing what: Under the agreement, the consortium will rehabilitate plants, improve efficiency, install sludge-drying facilities, and deliver full-cycle operations and maintenance services. United Water will lead on design, financing, operations, and select construction works. Armada Holding will oversee local business coordination, customs clearance, and construction, while Prosus Energy will act as financial investor.

Why it matters

The contract is part of NWC’s wider LTOM program, which offloads operations to the private sector. NWC awarded around USD 2.7 bn (c. SAR 10.1 bn) in contracts in its first phase, which includes nine packages with a total treatment capacity of 4.6 mn cbm/d over 15 years. This contract marks the first entry of a Chinese operator into the LTOM program.

Riyadh is widening the pool of who gets to run its grid. The LTOM program has so far been the playground of local giant Alkhorayef Water & Power, which captured some 50% of Phase 1 capacity, worth USD 1.47 bn (SAR 5.5 bn). The rest was awarded to three consortiums:

France’s Suez Group and homegrown Al Awael Modern Contracting Group (SAR 1.8 bn);
France’s Veolia and Al Awael (SAR 1.3 bn);
A JV of Al Awael and Civil Works Company (USD 211 mn or c. SAR 791.3 mn).

LTOM phase two incoming: The North Western A Cluster (LTOM11) is expected to be awarded within weeks, and bids have already been submitted for the North Western B Cluster (LTOM12) by Alkhorayef, Civil Works Company, and Miahona.

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In 2026, Saudi Arabia is trading stimulus for stability

Saudi Arabia is shifting toward fiscal consolidation in 2026 as it looks to narrow its budget deficit to 3.3% of GDP (SAR 165 bn). This target would mark a significant retreat from the 5.3% (SAR 245 bn) shortfall estimated for 2025, as the Finance Ministry attempts to stabilize the ship following a year of lower oil revenues and aggressive outlays.

Why this matters: The Kingdom is facing a USD 174.5 bn fixed-income maturity wall through 2030, with the government alone on the hook for USD 106.4 bn. To manage this, the Finance Ministry recently approved a USD 57.9 bn (SAR 217 bn) borrowing plan for 2026 to cover the deficit and repay SAR 52 bn in maturing principal.

The growth outlook: Despite the spending slowdown, the Finance Ministry anticipates GDP growth to reach 4.6%. This is more optimistic than the IMF’s 4% and the World Bank’s 4.3% forecasts, which expect to see lopsided growth fueled primarily by the non-oil economy. The multilateral lenders expect to see non-oil activities leading the charge with the help of record-low unemployment and robust private consumption. Emirates NBD echoes this view, seeing a larger youth demographic supporting private spending in the year ahead. Meanwhile, the oil sector is expected to have a sluggish start as Opec+’s decision to pause production increases throughout 1Q 2026 leaves little room for growth.

However, this transition requires significant capital: The Kingdom could see elevated debt levels in 2026, as debt is expected to amount to SAR 1.62 tn in FY 2026 (32.7% of GDP), up from an estimated SAR 1.46 tn in FY 2025, according to the government’s FY 2026 budget.

Inflation remains the bright spot: Price growth is projected to hold steady at somewhere between 2.0-2.2% in 2026, according to NBK, Finance Ministry, and World Bank forecasts. A cooling housing market — aided by the rent freeze in Riyadh — will help offset rising global commodity costs, according to a research note from NBK.

The GCC at large-

While the region as a whole is set to register 4.4% growth (up from 4.0% last year), the UAE and Qatar are emerging as the fiscal outliers, Oxford Economics has said. With Brent projected to average at USD 60 / bbl, national budgets will be under strain for some countries, such as Saudi Arabia, which is expected to face a deficit of approximately 5.0% of GDP.

The hydrocarbon hedge: Regional oil GDP is expected to hit 6.5% growth — the fastest pace since 2022 — buoyed by Qatar’s North Field expansion and a shift by Opec toward prioritizing market share, according to a separate research note from Emirates NBD.

Non-oil base effects: Aggregate non-oil growth across the GCC is actually expected to slow slightly to 4.4% (from 4.8% in 2025) as the “post-covid” momentum finally normalizes.

GCC inflation is anticipated to soften to 1.8% from an estimated 1.9% in 2025, driven by cooling housing costs, lower global oil prices, and a weakening USD, Emirates NBD says.

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eXtra + Tas’heel post estimated 4Q results

United Electronics Company’s (eXtra) estimated net income stayed flat in 4Q 2025 at SAR 158.4 mn, supported by growth in the retail and consumer finance segments, it said in a Tadawul disclosure yesterday. Meanwhile, revenue rose 6.8% y-o-y to SAR 1.8 bn over the same period, in line with market expectations, CEO Mohamed Galal told Al Arabiya Business (watch, runtime: 08:05) yesterday.

For the full year, the retailer’s net income rose 5.6% y-o-y to SAR 493.8 mn, while its top line increased 9.8% y-o-y to SAR 7.4 bn.

ALSO- eXtra United International Holding (Tas’heel) saw their estimated net income climb 14.4% y-o-y to SAR 73.5 mn in 4Q 2025, according to a Tadawul disclosure. Meanwhile, revenue logged a 17.6% y-o-y increase to SAR 203.2 mn over the same period, pushed up by a 27% jump in the financing portfolio.

In 2025, Tas’heel’s net income jumped 23% y-o-y to SAR 273.6 mn, while its revenue expanded 23.4% y-o-y to SAR 769.5 mn.

Looking ahead: eXtra plans to set up two to three new shops this year and widen Tas’heel’s financing portfolio to about SAR 4 bn, Galal said.

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ECG launches USD 300 mn PE fund + Mouwasat plans SAR 900 mn hospital

ECG moves ahead with Saudi industrial and mining services fund

Riyadh-based industrial and tech investment firm Energy Capital Group (ECG) launched a USD 300 mn private equity fund focused on industrial and mining services in the Kingdom, according to a press release. The Industrial Metals and Services Fund has already secured around USD 100 mn in soft commitments and will invest in Saudi-based metals service platforms to support local supply chains.

Why it matters: The fund aims to capitalize on the Kingdom’s USD 2.5 tn untapped mineral resources and support the national target of a USD 75 bn annual GDP contribution from mining and industrial services by 2030.

ICYMI- ECG closed its ECG2.0-Fund2 last week at an oversubscribed SAR 600 mn (USD 161 mn), though the firm did not disclose the oversubscription rate.

Mouwasat plans SAR 900 mn hospital

Mouwasat Medical Services will set up a SAR 900 mn new hospital in Riyadh’s Al-Narjis district, adding 280 beds and a range of specialized medical centers, it said in a disclosure to tadawul. The greenfield project will be financed through a combination of the company’s own funds and long-term Shariah-compliant loans from local banks.

Mouwasat enters the crowded fight for North Riyadh: Mouwasat’s planned 280-bed hospital in Al-Narjis will compete directly with Al Hammadi Holding, whose hospital in the district is due 2028, and National Medical Care who, in November, secured a SAR 1.2 bn in credit facility, some of which will fund a hospital in the same area. Al-Narjis is also served by an existing medical center operated by Dr. Sulaiman Al Habib (HMG).

Nextpower + Abunayyan Holding form JV

Nextpower and Abunayyan Holding launched Nextpower Arabia, a Riyadh-headquartered JV to ramp up utility-scale solar power plants deployment across the Middle East and North Africa, according to a press release. Both sides also unveiled a new manufacturing hub in Jeddah, slated for completion in 2Q. The facility, built on a 42k sqm site, is estimated to have an annual manufacturing capacity of 12 GW and offer 2k jobs.

Why it matters: By providing advanced solar tracker systems, yield management, and sophisticated control solutions, the joint venture aligns with Saudi Arabia’s Vision 2030 and broader regional Net Zero targets, facilitating a large-scale transition toward renewable energy.

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The GCC IPO party took a breather in 2025

After a multi-year high, the region’s IPO market came back down to earth last year. Total proceeds from public listings across the GCC declined 61% y-o-y to USD 5.1 bn in 2025, with the number of offerings also cooling to 40 from 53 the year prior, a recent report (pdf) by Kuwait Financial Center (Markaz) showed.

It was an all-Saudi show: The Kingdom accounted for a massive 79% of all IPO proceeds raised during the year (USD 4.1 bn), leaving the UAE a distant second with just 11% (USD 545 mn). Oman followed with the USD 333 mn raised from Asyad Shipping, accounting for 7% of the regional total, and Kuwait contributed the final 3% (USD 180 mn), also from a single IPO.

The private sector did the heavy lifting: Unlike previous years dominated by massive state sell-downs, corporate issuers drove the market in 2025. Private companies accounted for USD 3.9 bn — or 76% of total proceeds — across 37 listings. Government-related entities raised the remaining USD 1.2 bn through just three offerings.

Industrials claimed the top spot, raising USD 1.9 bn (37% of the total), largely on the back of flynas’ USD 1.1 bn listing on Tadawul. Real estate followed with USD 1.2 bn (23%) across seven IPOs, concentrated in Saudi Arabia with listings including Umm Al Qura and Dar Al Majed. Healthcare rounded out the top three, raising USD 508 mn (10%).

Why it matters: Investors became significantly more discerning in 2025. While some listings like Ratio Specialty Company gained 190% post-IPO, the market punished perceived overvaluation. Several new listings, including Smoh Almadi and Service Equipment Co., ended the year down 60%, and the Saudi Tadawul index itself closed the year down 12.8%.

What’s next: The pipeline for 2026 is already stacking up. The slowdown looks to be temporary, with Markaz forecasting a rebound in activity driven by stable interest rates and a roster of big-ticket listings. The pipeline includes the long-awaited Etihad Airways listing on ADX, alongside Saudi medical procurement giant NUPCO and Oman India Fertilizer Co.

** Want to go deeper into last year’s performance? Check out our capital markets year in review reports for Saudi, the UAE, and Egypt.

MARKETS THIS MORNING-

Asia-Pacific markets are firmly in the green in early trading, buoyed by Japan’s Nikkei, which is up more than 3% so far in its first trading day of the week after being closed for a holiday. The index is getting a boost from expectations that the country’s leading party will move to call snap elections next month. South Korea’s Kospi, China’s CSI 300, Hong Kong’s Hang Seng Index, and the Shanghai Index are all also trading up. Meanwhile, futures suggest a more muted open in Wall Street later today, with futures trading near the flatline.

TASI	10,745	+1.3% (YTD: +2.4%)
MSCI Tadawul 30	1,436	+1.6% (YTD: +3.5%)
NomuC	23,587	-0.1% (YTD: +1.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	43,404	+1.2% (YTD: +3.8%)
ADX	10,008	0.0% (YTD: +0.2%)
DFM	6,268	+0.7% (YTD: +3.7%)
S&P 500	6,977	+0.2% (YTD: +1.9%)
FTSE 100	10,141	+0.2% (YTD: +2.1%)
Euro Stoxx 50	6,016	+0.3% (YTD: +3.9%)
Brent crude	USD 64.18	+0.5%
Natural gas (Nymex)	USD 3.34	-2.1%
Gold	USD 4,589	-0.6%
BTC	USD 91,366	0.0% (YTD: +4.3%)
Sukuk/bond market index	924.09	-0.2% (YTD: +0.5%)
S&P MENA Bond & Sukuk	151.71	+0.1% (YTD: -0.1%)
VIX (Volatility Index)	15.12	+4.4% (YTD: +1.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.3% yesterday on turnover of SAR 5.1 bn. The index is up 2.4% YTD.

In the green: SFICO (+10.0%), Naseej (+9.9%) and Dar Alarkan (+7.5%).

In the red: Almasar Alshamil (-4.4%), SPM (-2.8%) and Tasheel (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 23.8 mn. The index is up 1.3% YTD.

In the green: Alhasoob (+8.6%), Mayar (+5.9%) and Saudi Top (+5.8%).

In the red: Horizon Food (-8.1%), Molan (-8.0%) and Tharwah (-7.2%).

CALENDAR

JANUARY

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 January (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 January (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 January (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 January (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 January (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 January (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 February (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 February (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 February (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 February (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

4 February (Wednesday): Michelin Guide’s Restaurant Celebration, Four Seasons Hotel, Riyadh.

5 February (Thursday): Deadline to submit bids for EPC contract for Ras Mohaisen-Baha-Makkah Independent Water Transmission System.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

8-9 February (Sunday-Monday): AlUla Conference on Emerging Market Economies (ACEME), Maraya Hall, AlUla.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 February (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 February (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday): King Salman Stadium design-and-build contract prequalification submission deadline.

16 February (Monday): First day of Ramadan (TBC).

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center – Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

24-28 May (Sunday-Thursday): Eid al-Adha holiday.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production in 2026.
November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.
The Intervision international music competition will take place in Saudi Arabia.
6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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